Last month we touched on the changes that HMRC is introducing to the treatment of defined contributions pensions. HM Treasury has now issued the following update that clarifies the position of people who have recently taken a tax-free lump sum from their defined contribution scheme. “The government has announced today (Wednesday 9 April) that people who have recently taken a Continue Reading
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HMRC may be extending access to taxpayers’ data
The Treasury has confirmed it was proceeding with plans to legislate making aggregated and anonymised data more widely available. In a published document HMRC said: "The government has decided to proceed with the proposal to remove the legal restrictions that currently limit HMRC's ability to share anonymised individual level data for the purpose of research and analysis and deliver public Continue Reading
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Cars, business use, and tax considerations
There are a number of situations where care should be taken in the way in which claims are made for the business use of a vehicle, usually a car, which is also used for private purposes. We have listed below a number of issues that business owners and private car users should be aware. If you are self-employed and your Continue Reading
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New criminal offence for individuals who hide money offshore
The government is consulting on plans to introduce a new strict liability criminal offence for individuals who hide their money offshore. Under the plans announced by the Chancellor, HM Revenue & Customs (HMRC) would no longer need to prove that individuals who have undeclared income offshore intended to evade tax, in order for a criminal conviction to be handed down. Continue Reading
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